Nestle, the food, drinks and pet care multinational, has announced that it has broken ground on a new factory in Hung Yen province in the north of Vietnam “to facilitate the company’s product innovations for the local consumption”.
The $70 million factory, located at Thang Long II Industrial Park, is Nestle Vietnam’s sixth factory in the country and will produce ready-to-drink chocolate malt beverages under the Milo brand. Nestle said the new factory would help bring its products closer to north Vietnamese consumers and would enable the company to further strengthen its supply chain to ensure the freshness of its products.
Nestle Vietnam managing director Ganesan Ampalavanar commented: “This factory will be the sixth factory of the Nestlé Vietnam Group of Companies in Vietnam and the second one in Hung Yen province. The investment reflects our strong confidence in the rapid development of Vietnam economy. As a local – multinational company, we aim at Creating Shared Value for the local community by opening up new employment opportunities, increasing more Nestlé quality products made by Vietnamese, helping to meet growing Vietnamese consumer demand especially in the Northern part of Vietnam thus contributing to the Vietnam economy growth”.
Over the last over 20 years, Nestle Vietnam said its investment in Vietnam had increased more than twenty-fold, rising from $24 million in 1995 to $520 million in 2016.